World's most expensive city is ...

By CNN Staff

Updated 4:00 AM ET, Tue March 4, 2014

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10. Copenhagen, Denmark – The Economist Intelligence Unit has released its latest survey on the most and least expensive cities in the world. The Danish capital squeezes into the top 10, jumping five spots from its place in the March 2013 report.

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9. Tokyo – A weaker Yen has pushed Tokyo lower on the cost of living ranking, but the Japanese city is still the most expensive for everyday food items. The average price of bread is $7.12 a loaf, second to Paris where it's $8.44 a loaf.

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8. Melbourne – EIU's most liveable city of 2013 comes with a high price. Several items in the city are a few cents cheaper than they used to be, but the city remains a consistent inclusion on the expensive cities list.

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7. Geneva, Switzerland – Geneva is the only European city in the top 10 ranking with a liter of unleaded petrol below $2, at $1.96.

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6. Caracas, Venezuela – Caracas is the most expensive city in the Americas. But this may be deceptive, as unofficial and black market exchange rates push down the living costs, says the EIU report.

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5. Sydney – Sydney dropped two spots to become the fifth most expensive city.

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4. Zurich, Switzerland – European cities make up three of the top five most expensive and half of the top 10 list.

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3. Oslo, Norway – European cities, like Oslo, tend to be priciest in leisure and entertainment categories. Unlike Asian cities, they typically have a broader range of expensive categories rather than one or two in particular, according to the report.

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2. Paris – Hanging out with friends by a park is a much cheaper option than hitting the museums or wine bars. According to The Economist Intelligence Unit, the average price of table wine increased by $2 a bottle compared to 2013.

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1. Singapore – Even the view comes with a price. The city-state has few natural resources. Its dependence on other countries for energy and water pushes up utility bills and "entitlement fees" make things like car ownership expensive.

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Story highlights

Economist Intelligence Unit names Singapore world's most expensive city to live in 2014

Singapore has dethroned the Japanese capital to become the world's most expensive city in 2014, according to the Economist Intelligence Unit's latest Worldwide Cost of Living survey.

The bi-annual report, which ranks 131 global cities, credits currency appreciation, solid price inflation and high costs of living for Singapore's dubious new distinction.

"Car costs have very high related certificate of entitlement fees attached to them, which makes Singapore significantly more expensive than any other location when it comes to running a car," says the report.

"As a result, transport costs in Singapore are almost three times higher than in New York. In addition, as a city-state with very few natural resources to speak of, Singapore is reliant on other countries for energy and water supplies, making it the third most expensive destination for utility costs."

Singapore is also the priciest place in the world to buy clothes.

Last year's title holder Tokyo, dropped from the top spot to sixth -- tied with Melbourne, Geneva and Caracas.

In total, more than 50,000 individual prices are collected in each survey.

"The cost-of-living index uses an identical set of weights that is internationally based and not geared toward the spending pattern of any specific nationality," says the EIU. "Items are individually weighted across a range of categories and a comparative index is produced using the relative difference by weighted item."